FCPT Announces Acquisition of a Circle K Property for $3.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Circle K property in Illinois for $3.2 million. This property is corporate-operated with approximately three years remaining on its lease term and was acquired at a 7.2% capitalization rate based on current rent, excluding transaction costs. The acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail property sectors.

Positive

• Acquired a high-quality Circle K property, enhancing portfolio value.
• Transaction priced at a favorable 7.2% capitalization rate.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Circle K property for $3.2 million. The property is located in a dense corridor in Illinois and is corporate-operated with approximately three years of term remaining. The transaction was priced at a 7.2% capitalization rate on current rent and exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211223005397/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the recent acquisition by FCPT?

FCPT recently acquired a Circle K property in Illinois for $3.2 million.

How much did FCPT pay for the Circle K property?

FCPT paid $3.2 million for the Circle K property.

What is the capitalization rate for the Circle K acquisition?

The capitalization rate for the acquisition is 7.2% based on current rent.

How long is the remaining lease term for the Circle K property?

The Circle K property has approximately three years remaining on its lease term.

In which location is the acquired Circle K property situated?

The Circle K property is located in Illinois.